UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D
ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the monthly distribution period from February 1, 2026 to February 28, 2026.
| Commission File Number of issuing entity: | 333-265964 |
| Central Index Key Number of issuing entity: | 0001396730 |
First National Master Note Trust
(Exact name of registrant as specified in its charter)
| Commission File Number of depositor: | 333-265964-01 |
| Central Index Key Number of depositor: | 0001171040 |
First National Funding LLC
(Exact name of depositor as specified in its charter)
| Central Index Key Number of sponsor: | 0000036644 |
First National Bank of Omaha
(Exact name of sponsor as specified in its charter)
Lori Niemeyer, (402) 341-0500
(Name and telephone number, including area
code, of the
person to contact in connection with this filing)
Delaware
(State or Other Jurisdiction of Incorporation or organization of the issuing entity)
__ N/A __
(I.R.S. Employer Identification No.)
| 1601 Dodge Street | ||
| Stop Code 3201 | ||
| Omaha, Nebraska | 68197-3201 | |
| (Address of principal executive office of the issuing entity) |
(Zip Code) |
402-341-0500
(Telephone number, including area code)
No change
Registered reporting pursuant to (check one)
| Section 12(b) |
Section 12(g) | Section 15(d) |
Name of Exchange
| |
| Title of Class | ||||
| Series 2023-1 Class A | [ ] | [ ] | [ X ] | |
| Series 2023-2 Class A | [ ] | [ ] | [ X ] | |
| Series 2024-1 Class A | [ ] | [ ] | [ X ] | |
| Series 2025-1 Class A | [ ] | [ ] | [ X ] |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes X No ___
PART I —DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
The response to Item one is set forth below in this Item and in Exhibit 99.1, Exhibit 99.2, Exhibit 99.3 and Exhibit 99.4 with respect to the Series 2023-1 Notes, the Series 2023-2 Notes, the Series 2024-1 Notes and the Series 2025-1 Notes, respectively.
| Account
Delinquency Experience Trust Portfolio | ||||||||
| Month Ended February 28, 2026 | Month Ended January 31, 2026 | Month Ended December 31, 2025 | Month Ended November 30, 2025 | |||||
| Percentage of | Percentage of | Percentage of | Percentage of | |||||
| Total Active | Total Active | Total Active | Total Active | |||||
| Active Accounts | Accounts Outstanding | Active Accounts | Accounts Outstanding | Active Accounts | Accounts Outstanding | Active Accounts | Accounts Outstanding | |
| Total Active Accounts * | 857,793 | 100.00% | 872,006 | 100.00% | 898,896 | 100.00% | 897,062 | 100.00% |
| Accounts Delinquent | ||||||||
| 30 to 59 days | 2,298 | 0.27% | 2,291 | 0.26% | 2,367 | 0.26% | 2,373 | 0.26% |
| 60 to 89 days | 1,583 | 0.18% | 1,636 | 0.19% | 1,588 | 0.18% | 1,702 | 0.19% |
| 90 to 119 days | 1,369 | 0.16% | 1,304 | 0.15% | 1,425 | 0.16% | 1,477 | 0.16% |
| 120 to 149 days | 1,134 | 0.13% | 1,243 | 0.14% | 1,278 | 0.14% | 1,191 | 0.13% |
| 150 or More Days | 1,137 | 0.13% | 1,162 | 0.13% | 1,070 | 0.12% | 1,059 | 0.12% |
| Total | 7,521 | 0.88% | 7,636 | 0.88% | 7,728 | 0.86% | 7,802 | 0.87% |
| * Active Accounts represent those accounts with a non zero balance |
| Net Charge-Off Experience | |||||||
| Trust Portfolio | |||||||
| Month Ended | Month Ended | Month Ended | Month Ended | ||||
| February 28, 2026 | January 31, 2026 | December 31, 2025 | November 30, 2025 | ||||
| Average Receivables Outstanding | $2,625,675,773 | $2,698,602,914 | $2,773,769,491 | $2,691,384,486 | |||
| Total Gross Charge-Offs | $9,715,352 | $8,989,793 | $9,644,345 | $9,475,179 | |||
| Gross Charge-Offs as a Percentage of Average Receivables Outstanding (annualized) | 4.44% | 4.00% | 4.17% | 4.22% | |||
| Recoveries | $1,785,701 | $1,752,240 | $2,014,019 | $1,597,670 | |||
| Net Charge-Offs | $7,929,652 | $7,237,553 | $7,630,326 | $7,877,509 | |||
| Net Charge-Offs as a Percentage of Average Receivables Outstanding (annualized) | 3.62% | 3.22% | 3.30% | 3.51% | |||
| Accounts Experiencing a Loss | 3,173 | 2,873 | 2,965 | 2,747 | |||
| Accounts Experiencing a Recovery | 3,729 | 3,796 | 3,897 | 3,354 | |||
| Average Net Loss of Accounts with a Loss | $2,499 | $2,519 | $2,573 | $2,868 | |||
Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time? Yes ¨ No ý
Are there any material breaches of pool asset representations and warranties or transaction covenants? Yes ¨ No ý
Are there any material changes in the solicitation, credit-granting, underwriting, origination or pool selection criteria or procedures? Yes ¨ No ý
No assets securitized by the depositor and held by First National Master Note Trust were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from February 1, 2026 to February 28, 2026.
The depositor filed its most recent Form ABS-15G on January 15, 2026. The CIK number of the depositor is 0001171040.
PART II —OTHER INFORMATION
| Item 7. | Change in Sponsor Interest in the Securities. |
The information regarding the interest retained to satisfy legal requirements regarding the credit risk retention rules of Regulation RR is provided in the table below:
| Seller's Interest | |||
| First National Master Note Trust | |||
| Month Ended | |||
| February 28, 2026 | |||
| Aggregate principal receivables | $ | 2,569,454,833 | |
| Outstanding principal balance of all Series of Notes Outstanding | $ | (2,115,391,000) | |
| Aggregate amount on deposit in the Excess Funding Account | $ | - | |
| Seller's interest | $ | 454,063,833 | |
| Aggregate unpaid principal balance of all Series of Notes | |||
| Outstanding not held by FNBO | $ | 1,650,000,000 | |
| Aggregate amount on deposit in the Principal Accumulation | |||
| accounts for all Series of Notes not held by FNBO | $ | - | |
| Adjusted Outstanding Investor ABS Interests | $ | 1,650,000,000 | |
| Seller's Interest as a percentage of the Adjusted | |||
| Outstanding Investor ABS Interests | 27.52% | ||
| Minimum Seller's Interest as a % of Adjusted Outstanding Investor | |||
| ABS Interests as required by Regulation RR | 5% | ||
Item 9. Exhibits.
| Exhibit No. | Document Description |
| 99.1 | Monthly Report to Series 2023-1 Noteholders |
| 99.2 | Monthly Report to Series 2023-2 Noteholders |
| 99.3 | Monthly Report to Series 2024-1 Noteholders |
| 99.4 | Monthly Report to Series 2025-1 Noteholders |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: March 9, 2026
| By: | First National Funding Corporation, Managing Member | ||
| By: | /s/ Lori Niemeyer | ||
| Lori Niemeyer | |||
| Senior Vice President | |||